MRM - 2020 Universal Registration Document

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General information on the issuer and its share capital

Consolidated financial statements for the financial year ended 31 December 2020

In June 2020, M.R.M. also entered into an agreement with its principal banking partner, covering 80% of its total outstanding bank borrowings, extending for six months the maturity of two loans: • a €54.7 million credit facility initially maturing on 22 December 2021, which has been extended until 22 June 2022; • a €7.2 million credit facility initially maturing on 20 December 2022, which has been extended until 20 June 2023. Furthermore, as part of this agreement, contractual repayments scheduled for the second and third quarters of 2020 and representing a total of €1.2 million have been postponed until the last two quarters prior to the new maturity of each of the two loans. As a result of this agreement, M.R.M. has no major debt reimbursements falling due before June 2022. This agreement and the cancellation of the distribution have reinforced M.R.M.’s cash position, whereby it now has suffcient excess cash to absorb the support measures provided for its tenants and to fnance the completion of the works to extend and restructure the Valentin shopping centre near Besançon. The health crisis has also affected the valuation of the Group’s portfolio, with varying effects depending on the type of assets, their rental status and their location. At 31 December 2020, the value of the portfolio was €161.0 million, down by 4.1% compared to 31 December 2019, having taken into account the investments made over the year. In 2020, 19 new leases or lease renewals representing an annual rent of €1.0 million were signed, including: • eight leases or renewal of leases in the Valentin shopping centre in Besançon. It should be noted that all the leases signed since 2018 and relating to the extension took effect in the fourth quarter of 2020 following the delivery of the premises to the retailers; • six leases or renewal of leases on offce space within the Carré Vélizy mixed-use complex in Vélizy-Villacoublay; • a short-term lease on the medium surface area of 3,300 Sqm of Aria Parc in Allonnes, which took effect in the third quarter of 2020. As a reminder, the lease signed in 2017 on this same surface area with Maison Dépôt was terminated out of court in January 2020 following the decision of the Conforama group to terminate the activities of this brand given the fnancial diffculties encountered by it. In compensation for the damage suffered, M.R.M. received a termination indemnity covering rent and expenses until October 2021. Rental management and lettings

The physical and financial occupancy rates were 87% and 84% respectively as of 31 December 2020, down by 1 and 3 points compared to 31 December 2019. These events reflect the change in scope that occurred during the year, with the delivery to the lessees of shells in the Valentin shopping centre extension in the fourth quarter of 2020. At 1 January 2021, net annualised rent was up by 6.4% compared to the 1 January 2020, at €9.1 million, mainly following the arrival of new tenants in the extension of the Valentin shopping centre in Besançon and the offce space of the Carré Vélizy mixed-use complex. Investments M.R.M. points out that its retail portfolio is covered by an investment plan of €35.5 million across seven of its nine existing asset lines. This plan, initiated by M.R.M. in 2016 and aimed at exploiting the potential of retail assets, is currently being fnalised. Investment programmes have been launched gradually since 2016 and the last, and largest of these, namely the partial redevelopment and the 2,600 Sqm extension of the Valentin shopping centre near Besançon, was launched in April 2018. During the lockdown period, work on the Valentin shopping centre had to be interrupted and the completion of the works was delayed. M.R.M. delivered their premises at end 2020. The full completion of the works and the inauguration of the shopping centre in its new confguration, initially scheduled for 2020, is now scheduled for the frst quarter of 2021. During 2020, investments in the buildings in the portfolio, which mainly concern the Valentin shopping centre site, amounted to €3.1 million. Disposals On 30 January 2019, M.R.M. announced the disposal of Urban, an unoccupied 8,000 Sqm office property in Montreuil, for the sum of €6.35 million excluding transfer taxes. This disposal marks the completion of the Group’s move to gradually refocus on holding and managing retail properties, a strategy adopted in June 2013. In 2020, a portion of the sale price that had been placed in an escrow account was released to the beneft of M.R.M. in the sum of €0.4 million net of fees. In the third quarter, M.R.M. also sold a small vacant retail space (760 Sqm), previously operated by the GammVert brand, for an insignifcant amount.

M.R.M. 2020 UNIVERSAL REGISTRATION DOCUMENT

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